Company X has hired you on as a consultant to assist with their capital budgeting. Their target capital structure is 20% debt, 10% preferred stock, and 70% common equity. The interest rate on new debt is 6.50%, the yield on the preferred stock is 8.00%, the cost of retained earnings is 11.00%, and the tax rate is 35%. The company will not be issuing any new stock. What is their WACC